BVH released consolidated results for 9M 2021 with gross written premium of VND28.6tn (USD1.24bn; +4.7% YoY) and NPAT-MI of VND1,403bn (USD61mn; +28.9% YoY), achieving 71% and 82% of our FY2021 forecasts, respectively. The increase in the bottom line was mainly thanks to (1) a 4.9% YoY decrease in operating loss (which was driven by both the life and non-life insurance sectors) as well as (2) a 1.4% YoY increase in net financial income that was mainly derived from a 48.9% YoY decrease in financial expenses.